Mumbai, Jan. 27: ICICI Infotech Ltd plans to tap the capital markets to raise funds and has changed its name to 3i Infotech Limited.

The new name was approved by shareholders at an EGM held in Mumbai on January 18.

The shareholders also approved an increase in the company?s capital by way of an initial public offering (IPO).

However, the modalities of the IPO, including the number of shares on offer, equity to be raised and appointment of lead managers for the issue, have yet to be finalised, ICICI Infotech managing director and CEO V. Srinivasan said.

He said the company would go for the IPO ?positively? this year, even though this could be further delayed, depending on market conditions and receipt of approvals.

ICICI Infotech has transformed itself from a back-office into a global technology company providing technology solutions in more than 30 countries across four continents. From being a pure IT services player, it has now undergone a makeover as an IT solutions provider. It has a range of products and services for the banking, insurance and other verticals.

At present, revenues from ICICI Bank constitute less than 30 per cent (during nine-month period ended December 31) of ICICI Infotech's overall business, Srinivasan said, adding, the dependence on the ICICI group has been considerably reduced.

ICICI Infotech has decided to rebrand itself to uphold the core values of innovation, insight and integrity, he added.

Hughes Software move

Shareholders of Hughes Software Systems have approved its change of name to Flextronics Software Systems Ltd. The shareholders and unsecured creditors of the company have also approved the scheme of amalgamation of the company and Tenet Technologies Pvt Ltd. The company had earlier acquired Tenet Technologies.